NALA recently signed an Electronic Money Directive (EMD) agent deal with Modulr, as it finalizes its UK launch. The partnership is primarily to enable the fintech to launch an array of financial services, including payments from the UK to East Africa.
Modulr is a non-bank payment service provider directly connected to the UK’s Faster Payments Scheme, and it holds an account at the Bank of England so that funds are settled directly and held securely. It will surely provide reliability for NALA and security for its customers, who have the assurance of knowing their money is safeguarded. This shall also provide NALA with the reliability and scalability it needs to accomplish its mission.
Building on the success of its personal finance app, which is used by over 250,000 users across Tanzania, NALA has ambitions to increase economic opportunity for Africans globally through remittances. Harnessing the power of the Modulr platform, NALA is eliminating process inefficiencies and ensuring the way its users make payments in a secure, reliable, and frictionless manner.
So, what has NALA got to offer in the UK market?
NALA’s new money transfer app for the UK’s East African Diaspora aims to replace pricey, unreliable, or hard to access alternatives. NALA believes it’s the perfect time to launch an app tailored specifically to the needs of the African diaspora community.
NALA’s CEO Benjamin Fernandes says they “want to use remittances as a foundation for new layers of payments services for the African diaspora and their loved ones back home.”
“There are many companies that claim to be “startup-friendly”, but with Modulr this was actually the case. When searching for the right partner, we came across a number of financial institutions who either didn’t have the adequate API integrations or institutions that had the technical capabilities, but couldn’t provide regulatory sponsorship – Modulr has provided us with both. We are excited to move forward with Modulr’s support to increase economic opportunity for Africans across the globe.”
NALA will be rolling out its beta offering gradually this month for UK-based customers sending money to Kenya and Uganda then for Tanzania customers shortly after.